Leading Life Insurance Company In Japan
- Loss of premium due to customers lapsation.
- The premium attached to the ex-customers totaled up to 595 billion Yen (US $ 6 BN)
Analytics Led Approach
- A methodology for developing a lead generation model: with an approach to seek homogeneous segments and a segmentation schema that is meaningful, actionable, stable, sufficient in size and defensible was built
- Segmentation is carried out using 3.5 million policies related to 46 active products
- Customers are segmented based on demographic, attitudinal, behavioral, income , and region basis.
- Product affinities of segments of customers was identified
- Developed an optimized techniques to recommend products for each customer
- Identification of product affinities of segments of customers
- A product recommendation engine to provide new product recommendations (5 each) with their probability of conversion for all 3.5 million lapsed customers was designed